by Rupinder | Jan 29, 2018 | Uncategorized
The Internal Revenue Service (IRS) today issued Notice 2018-14, which provides additional guidance to employers on withholding changes in response to the enactment of the “Tax Cuts and Jobs Act” (P.L. 115-97). As described by the IRS, Notice 2018-14: ...
by Rupinder | Jan 26, 2018 | Uncategorized
Proposed IRS budget appropriation under consideration will not adequately serve the needs of individual and small business taxpayers. ALEXANDRIA, VA, January 25, 2018 — The National Society of Accountants (NSA) expresses its continuing disappointment with the Internal...
by Rupinder | Jan 24, 2018 | Uncategorized
President Trump will soon nominate Charles P. Rettig to become the next Commissioner of the Internal Revenue Service (IRS), according to a reliable media report. If nominated and confirmed by the Senate, Rettig’s initial term would run through November 12,...
by Rupinder | Jan 18, 2018 | Uncategorized
Today the FASB issued Proposed Accounting Standards Update, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The Financial Accounting Standards Board (FASB) today issued...
by Rupinder | Jan 11, 2018 | Uncategorized
Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February The IRS today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This...
by Rupinder | Jan 9, 2018 | Uncategorized
Security Summit Partners Warn Tax Pros of Heightened Fraud Activity as Filing Season ApproachesThe Internal Revenue Service, state tax agencies and the tax industry today warned tax professionals of early signs that cybercriminals already are at work as the nation’s...
by Rupinder | Jan 4, 2018 | Uncategorized
2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17; Help Available for Taxpayers The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds...
by Rupinder | Dec 28, 2017 | Uncategorized
The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22. We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the...
by Rupinder | Dec 27, 2017 | Uncategorized
The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and is on its way to the White House. H.R. 1, as approved by Congress, impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there will be...
by Rupinder | Dec 8, 2017 | Uncategorized
The Senate passed its version of the tax reform bill early Saturday morning on a vote of 51-49. The vote came after last-minute negotiations between Senate leadership and key holdouts who had concerns about the treatment of pass-through entities, the state and local...
